Ohio Attorney General Dave Yost has entered into a consent agreement with California-based Safeguard Metals and its owner over a multimillion-dollar scheme in which hundreds of elderly Americans – including 18 Ohioans – were persuaded to liquidate their retirement accounts with legitimate investment firms and invest in fraudulently overpriced silver coins and other precious metals sold by the defendants.
The managers of a Lucas County investment firm have been indicted on multiple felonies in a decade-long scheme to deceive and defraud investors, allegedly cheating at least 200 clients out of $72 million, Ohio Attorney General Dave Yost and Ohio Department of Commerce Director Sherry Maxfield announced this month.
8 managers in Toledo indicted for defrauding $72M out of over 200 clients whio.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from whio.com Daily Mail and Mail on Sunday newspapers.
According to the Ohio Attorney General, eight people were indicted on a total of 204 felony charges for allegedly mismanaging tens of millions of dollars.
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Ohioâs older adults targeted for financial fraud during pandemic
Nearly 25 percent of Ohio’s total population is age 60 or older, and many of them have been especially vulnerable during the pandemic to financial fraud and scammers.
During Older Americans Month, Sheryl Maxfield, director of the Ohio Department of Commerce, is urging Ohioans to help keep older adults financially safe.
“Ohio has nearly three million residents age 60 or older,” said Maxfield. “Social isolation from family, caregivers and other support networks, especially since the pandemic started, means unscrupulous criminals are targeting older Ohioans to steal their hard-earned money.”